Learn How to Transition a Business to the Next Generation

Posted: August 20, 2015

Article by: Louise Jett, ljett@lc.edu

GODFREY – Business owners are encouraged to attend Lewis and Clark Community College Corporate and Community Learning’s “Leaving a Legacy” seminar from 8-9:30 a.m. Tuesday, Sept. 15, at Julia’s Banquet Center, 101 EastGate Plaza, East Alton, Illinois.

During this informative session with Steve Barnhart, technical specialist with the Illinois Manufacturing Excellence Center (IMEC), participants will learn how to start the conversation about succession planning and ensuring a bright future for their companies.

“Succession planning is often an afterthought – something only examined once a generational ownership or leadership transition becomes eminent,” said President & CEO of the Edwardsville/Glen Carbon Chamber of Commerce Desiree Bennyhoff. “Who will run your business when your key executive is, either by choice or circumstance, absent? I encourage every business to have a road map in place to eliminate the likelihood of operations becoming paralyzed.”

In fact, according to IMEC, only 40 percent of businesses successfully evolve to the next generation of leadership, because business owners are typically focused on running, not transitioning, the business and conversations about the future can be uncomfortable.

“Our primary goal in hosting this seminar is to raise awareness of the challenges associated with transitioning family-owned businesses to the next generation and empowering local leaders with the knowledge necessary to successfully navigate the process,” said L&C Assistant Director of Corporate and Community Learning Katie Haas.

“I’m thrilled to be a part of bringing this event to the Riverbend community,” said President of the Riverbend Growth Association Monica Bristow. “Family-owned businesses are vital to a thriving community and I’m confident the information shared in this presentation will help our local businesses take practical steps toward leaving a strong legacy.”